Indices In Narrow Range Awaiting Catalyst

Good Wednesday Morning, MPTraders!  June 26, 2024-- Pre-Market Update: There are three trading days remaining in June, Q2, and H1, 2024... Economic Data: New Home Sales, and a 5-year Treasury Note Auction, 4:30 PM ET Bank Stress Tests... Earnings: MU after tonight's close, NKE after Thursday's close... Politics: Thursday eve Presidential Debate... Friday we get PCE Inflation Data... 

ES continues to levitate in a relatively narrow range between 5510 and 5560 shown on my attached Hourly Chart, which sits atop my Big Red Box support zone encompassing the distance between the sharply up-sloping 20 DMA at 5460 and the modestly up-sloping 8 Day EMA at 5522. 

My Hourly setup work alerts us that whichever side of the 5510 versus 5560 trading range is violated will leave ES vulnerable to or positioned for a 50-60 point move in the direction of the breakout. 

My Big Picture setup argues that only a bout of intense weakness that slices through the Big Red Box support zone that violates and sustains beneath 5460 will inflict serious damage to the dominant post-April advance off of the 5028.25...

Will the indices need a directional catalyst to move out of the current trading range? Answer: Probably, which means that traders and investors will have to wait for Thursday's Jobless Claims, Thursday eve's Presidential Debate, or Friday's PCE Inflation data for a sustained directional move thrust...  Last in ES is 5526.50...